PR continues to be a strong metric from which Google built itself up from. Sure, the trust issue is becoming more and more important and there are many other metrics to determine this. But, to say that dropping your link on a PR5 page is not good advice seems rather short sighted given the history of what PR represents.
The "history" of what it represents is the key word here. Why isn't dropping your link on articlesbase or ezinearticles going to be good anymore in that case? Both are PR6. PR alone does not determine whether or not a link will be good for you.
A whole load of pr2+ directory links isn't advised in a post-panda world. As I said directories are purely about trust, not PR.
I guess from your intuitive insights you would shy away from leaving your link on a high PR page if you assess the 'trust' rank to be lower than your threshold? The main part of my point is that finding high quality pages to drop your link is not easy but through assessing large lists and making good use of footprints you can find them.
I most certainly would. I would be pretty silly and short-sighted to want a link on a spammy page just because it has a decent PR.
Your comment "If they're hard to get into then it probably means Google trusts them" applies to only a very few select directories which are on the g00gle radar as human edited directories (dmoz and yahoo dir). That leaves you with very little directories. Frankly I find your comments baseless and without any foundation not too mention entirely unhelpful and unconstrcutive.
Yes, indeed, it does leave you with very few directories. That's the point. Just as in it's not beneficial to get 100's of links from article directories anymore it's neither beneficial to get 100's of links from directories all over the place that says nothing about the quality of your site.
If you can just place your link on all these directories then what good is it? It doesn't convey trust and it doesn't convey any social indicator about people viewing your page in high regard.
I don't even bother looking at PR. I look at the inbound links to a site, where it links to, the actual content, ie is it spammy, badly written, does the page contain excess ads and is it relevant to my niche.
If your strategy is to just get a link because it's high PR then be my guest and continue doing what you're doing and I'll continue ranking for competitive keywords while you dance with Google.
This is the last I'll say on this. I'm not going to try and convince you otherwise as I have a feeling you prefer being right than making money. I simply wrote this because my reasoning wasn't clear to other people viewing this thread that might like to learn more about SEO.